SBB rises over 20% after successful bond exchange offer

Samhallsbyggnadsbolaget I Norden AB

18/12/2024 11:41

** Shares in the real estate group SBB  SBBb.ST  are up around
20%, paring gains of as much as 23.6%, after the Swedish company
said it had managed to complete its bond exchange offer
    ** 95% of relevant creditors have accepted the exchange
offer, the company's CEO Leiv Synnes said
    ** Bondholders agreed to exchange debt valued at EUR 2.78
billion ($2.92 billion) for new securities, well above the
minimum acceptance level of EUR 1.7 billion, Carlsquare analyst
Bertil Nilsson says
    ** CEO Synnes, Finance Director Daniel Tellberg, and
Treasury Director Helena Lindahl all bought SBB shares on
Wednesday, which Nilsson says is "interesting", as "this
confirms what they are saying about an improved financing
structure"
    ** Danske Bank credit analyst Marcus Gustavsson says the
exchange increases the likelihood that SBB can manage a
scenario, from a liquidity perspective, where the remaining
bondholders would demand immediate redemption of their bonds
    ** "Today's news significantly de-risk the case," Arctic
Securities analyst Michael Johansson says
    ** SBB is the top gainer on the Stockholm benchmark index
 .OMXS30 


($1 = 0.9534 euros)

 (Reporting by Agata Rybska)
 ((gdansk.newsroom@thomsonreuters.com;))